Shinhan shines

Big order book for rare hybrid deal.

Shinhan Bank launched a debut hybrid tier 1 deal yesterday February 23 raising $300 million via Barclays, BNP Paribas and Merrill Lynch. The extendible 30-year, with a call option in year 10, was priced at par on a coupon of 5.663% to yield 138bp over Treasuries or 99bp over Libor. Fees are 75bp.

The deal attracted a mammoth order book of $3.2 billion and participation from 150 accounts, of which more than 100 were allocated paper....